William M. Daley and Ronald V. Waters III have been named co-chairs of the Joffrey Ballet's board of directors, Crain's Chicago Business reports.

Daley and Waters will replace Pamela B. Strobel, who has been board chair since 2002. They will serve two-year terms, which will include the company's 50th-anniversary celebration.

Daley, who is the brother of Richard M. Daley, Chicago's mayor, was commerce secretary in the Clinton administraton. Before joining JPMorgan Chase & Co. in an executive position last year, he ran Al Gore's presidential campaign in 2000.